Under the theme “supporting youth enterprises for sustainable industrialization,” the 2022 Youth Entrepreneurship Summit and Expo (YES2022), the largest gathering of young entrepreneurs in Ghana, took place successfully in Kumasi, in the Ashanti Region. This 3-day event began on December 8th and ended on December 11th.
Several hundred young entrepreneurs, including key stakeholders, academia, policymakers, and traditional rulers, attended the event.
Speaking at the summit during the opening ceremony, the Chairperson of the Chamber, Mr. Richard Addison, indicated that The Ghana Chamber of Young Entrepreneurs exists primarily to champion the cause of young business owners in the country and has, over the years, adopted several initiatives and implemented a variety of innovative projects to support and promote the overarching goal of developing the extraordinary potential of the youth of Ghana to contribute to the socioeconomic development of our Motherland.
He said that the yearlyYouth Entrepreneurship and Summit (YES)is the chamber’s flagship program, which seeks to promote youth entrepreneurship and create a platform for stakeholders to meet annually to brainstorm and explore creative approaches to addressing young entrepreneurs’ ever-changing needs and challenges.
It is fitting that this year’s theme is “Empowering Youth Enterprises for Sustainable Industrialization” at a time when our dear country is struggling economically. We are all aware of the challenges confronting our nation on the back of the Covid-19 Pandemic and the simultaneous effects of the Russia-Ukraine war, which has exposed our over-dependence on externalities for sustenance as a nation.
Due to our heavy reliance on imports, there is a consensus that our country needs to industrialize because we must mass produce what we need. This will reduce bulk imports and increase youth employment.
The summit aims to achieve this through peer-to-peer engagement, focused group discussions, panel discussions, workshops, and exhibitions.” He said
He assured the government and development partners that the chamber’s doors would remain open to partnership and collaboration.
Head of Entrepreneurship Projects and Business Development Services at the Development Bank Ghana, Mrs. Safakor Boadu, who represented the Deputy CEO at the summit, explained that DBG is a wholesale bank whose mandate is to promote inclusive and sustainable economic transformation by driving the growth of a competitive private sector. This is done by providing long-term financing to participatory financial institutions for onward lending to private enterprises.
She said the Bank had partnered with GCYE to train at least 1000 young entrepreneurs to access medium-sized financing and scale up their businesses. Our partnership also focuses on women and youth since they are the main force behind community change.
“We are happy to be here and wish to thank all other partners for making this program a success; SNV Ghana and GIZ.” She said
For his part, the Programme Manager of Social Policy Session-Commonwealth Secretariat, London, Sushil Ram, noted that the commonwealth is focusing on strengthening youth employment and entrepreneurship policies; promoting employment and entrepreneurship in blue, green, and creative economies; developing digital and soft skills; strengthening of apprenticeships schemes and Technical Vocational Education Training (TVET) systems; and promoting private-public partnerships to address youth employment.
“Youth employment and entrepreneurship issues cannot be tackled through fragmented and isolated interventions. They require sustained and concerted action with strong political will and sustained commitment by all stakeholders, including the government, the private sector, civil society, development partners, and young entrepreneurs. It needs to be at the center of all relevant national development frameworks, and therefore an integrated, coherent, and coordinated response is required.
“Many young entrepreneurs are already shaping the institutions and processes which combine to create the world. Thanks to your efforts, the world is a better place, and we all need the uplift and encouragement of being inspired by your initiatives,” Mr. Ram said.
In his address, the Minister of Trade and Industry, Alan Kyerematen, said it is essential for young entrepreneurs in the country to have continued renewals of ideas and values to ensure sustainable industrialization. There has been an increasing number of young entrepreneurs open to trying endless business possibilities to advance the country’s economic development.
Mr. Kyerematen noted that this role is vital and requires businesses to exhibit dynamism and stability.
“We cannot underestimate the importance of the continued renewal of ideas and values in society to ensure the hope of new enterprises. Undoubtedly, entrepreneurial innovation can lead to the reallocation of resources from the traditional agricultural sector to the modern manufacturing sector. What is needed are quality jobs through local industrialization,” he said.
He further indicated that the government has set up several strategies to ensure that the youth are equipped to become entrepreneurial.
“Despite the excellent picture painted of the role of youth entrepreneurs in sustainable industrialization, several challenges still need to be addressed to spur growth and development in Ghana.
“It is against this backdrop that the government has put in place strategic measures to ensure the teeming youth, who are 60 percent of the country’s population, are better educated and equipped for the job market to become a digitally-enabled entrepreneurial generation,” he added.
The minister said this in a keynote address read on his behalf by the Ashanti Regional Head of the Ministry of Trade and Industry, Osman Mahmuda, at the third edition of the Youth Entrepreneurship Summit (YES) organized by the Ghana Chamber of Young Entrepreneurs (GCYE) in collaboration with the Commonwealth Alliance of Young Entrepreneurs – Africa, GIZ, Development Bank Ghana, SNV Ghana, and YESS Fund.
